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"Debtor" is the subject of the case. § 101(13). d. "Creditor" is an entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor.
The entity in bankruptcy is called the ?debtor.? Parties that are owed money by the debtor are called ?creditors.? Creditors may be either secured creditors, meaning that they hold collateral for the debts owed them, or unsecured creditors, who do not have any collateral or security for their claims.
An individual (or business) against whom a lawsuit is filed. A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code.
Hunt, 292 U.S. 234, 244 (1934). This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.
A Bankruptcy petition is a collection of forms also known as schedules that disclose all of your financial information to the Bankruptcy Court. These forms will list all of your assets (real and personal property), monthly income and expenses and most importantly the liabilities and debts you wish to eliminate.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
You are a Debtor if... You are a person or institution who owes money to a creditor. You cannot repay the money owed by the time it is due and are filing for bankruptcy.
More In File Chapter 12 ? This chapter of the bankruptcy code is used for the adjustment of debts of a family farmer or family fisherman with regular annual income. Chapter 12 allows the family farmer/fisherman to reorganize debts through a payment plan.